News Middle East26 Jan 2020

Egypt:Compulsory auto insurance pool posts US$26m in premiums in 4 months

26 Jan 2020

The compulsory motor insurance pool has collected EGP410m ($26m) in premiums from its inception until the end of last year, according to Mr Ibrahim Labib, general manager of the pool.

He said that insurance subscriptions started on 8 August 2019, with the average premium amounting to EGP230, reported Amwal Al Ghad.

He added that the pool has contributed to reducing the number of cases of fraud and forgery of motor insurance documents.  The pool has a link to the database of the Traffic Information Systems Department of the Ministry of Interior.

As for what is next on the agenda, the pool plans to launch a website with the goal of communicating with individuals, and introduce an initiative to settle compensation disagreements amicably instead of resorting to the courts.

Last February, the Financial Regulatory Authority issued a decree to establish the compulsory vehicle insurance pool, which will manage this branch of insurance on behalf of its members.

 

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